new Delhi. Between the Corona crisis and the nationwide lockdown, Reserve Bank of India (RBI) Governor Shaktikanta Das made several big announcements about the Indian economy. Know 10 big things about RBI Governor's press conference
1- The Reserve Bank of India (RBI) has extended the moratorium period (deferment) on all types of term loans by three months. Now from June to August, you will be able to get relief for 3 more months on personal loan, home loan, auto loan and credit card bills etc. Customers will now be able to avail loan moratorium till 31st of August. The RBI governor said that the moratorium deadline has been extended to six months. According to the rules of the Reserve Bank, the credit score will not be affected if the installment is not paid during this period and the lender will be exempted from the defaulting rules. On this basis, banks postpone the EMI of lenders.
2- The Reserve Bank of India (RBI) Governor Shaktikanta Das reduced the repo rate from 4.4% to 4%. The reverse repo rate came down to 3.35%. Corona virus has caused major damage to the economy. The MPC has decided to cut the repo rate. The MPC voted in favor of reducing the repo rate by 5: 1.
3- Governor Shaktikanta Das said that the output of core industries has decreased by 6.5% and manufacturing has fallen by 21%. RBI Governor Shaktikanta Das said that the growth rate in 2021 is likely to be negative.
4- A 17% decrease in industrial production has been recorded in March. RBI Governor said that demand in India is declining, electricity, petroleum product consumption decline, private consumption decline.
5- RBI Governor said that during the Corona crisis, inflation has also increased. He said that pulses prices have reached Rs 200 per kg, which is a matter of concern. Giving details of the Corona crisis, Shaktikanta Das said that there has been a big decline in the 6 big industrial states of the country.
6- RBI Governor Das said that private consumption suffered the most due to the outbreak of Kovid-19, halting investment demand. The government's revenue has been severely affected due to sluggish economic activity amid the outbreak of Kovid-19.
7- RBI Governor Das said that there has been a big reduction in demand for electricity and petroleum. Prediction of better monsoon has given encouraging signs. India has suffered the biggest decline of 30% in manufacturing exports.
8- RBI Governor Das said that Rs 15,000 crore relief will be given to SIDBI to give relief to customers on loan. This huge help has been given to the small industry organization to provide relief to the loan holders.
9- Das said that financial, monetary and administrative actions would create conditions for the recovery of the economy in the second half of FY 2021. The RBI governor said that sowing of kharif has increased by 44 per cent. He also said that inflation in pulses will be a matter of concern in the coming months.
10- RBI Governor said that India's foreign exchange reserves have increased by $ 9.2 billion. India's foreign exchange reserves increased by $ 9.2 billion in the current financial year 2020-21 (from 1 April). India's foreign exchange reserves so far (as of May 15) amount to $ 487 billion. The RBI governor said that at the policy level, the bank would continue to take decisions as per requirements.
This post was published on May 22, 2020 11:26 am
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